The Rosca Scarlato LLC law firm investor rights attorneys are investigating Coastal Equities’ alleged failure to supervise former broker Sam Aziz (also known as Sam Azizieh and Sam Yehya) who allegedly recommended excessive and unsuitable trades in the accounts of four customers between October 2016 and July 2018, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC).
As alleged in the AWC, Coastal Equities was aware of Sam Aziz’s recommendations of excessive and unsuitable trading as well as his alleged unsuitable recommendations to purchase securities using margin in the accounts of two customers.
Coastal Equities allegedly failed to reasonably take action to supervise Aziz and as a result the firm was censured and ordered to pay a restitution in the amount of $170,320 plus interest of $9,588.80, as reported in the AWC.
Investor rights attorney Alan Rosca and his colleagues often represent victims of broker misconduct and are actively investigation conduct related to Coastal Equities’ alleged failure to supervise broker Sam Aziz. Investors who are concerned about their investment are encouraged to call 888-998-0530, send an email to rosca@lawgsp.om, or complete the contact form on this webpage for a free consultation and discussion of potential options, or to provide any useful information.
Concerned about investments with
Sam Aziz Investors Paid Over $2 Million in Settlements
Multiple Sam Aziz investors received over $2 million in total in settlements between 2020 and 2021 according to Aziz’s Brokercheck page.
A customer filed a dispute in February 2021, alleging unsuitability and excessive trading, and agreed to a settlement of $143,670 to conclude the dispute. In September 2020 another customer filed a complaint alleging unsuitable and excessive trading as well as attempting to settle away a complaint with the firm’s knowledge or permission. The customer received a settlement of $165,596 in February 2021.
A customer filed a dispute in December 2019 alleging broker Sam Aziz concentrated the account in risky stocks, churned in the account and traded without authorization. The customer received a settlement of $495,000 in March 2020.
In March 2019, a customer filed a dispute alleging Aziz engaged in excessive trading and received a settlement of $775,000 in June 2019.
Similarly, in October 2019 another customer filed a dispute alleging Aziz excessively traded in their account. The customer received a settlement to the tune of $550,000 in March 2020.
In October 2019 and August 2018, two customers received settlements of $275,000 and $210,000 on similar allegations of unauthorized, unsuitable, and excessive trading in the customer’s accounts.
Aziz Sanctioned by the Ohio Division of Securities
In January 2020, the Ohio Division of Securities reportedly ordered a sanction against Aziz revoking his license in connection to allegations of churning, breach of fiduciary duty, and trading that is unsuitable for investment objectives, according to a regulatory action reported on broker Sam Aziz’s Brokercheck page.
Aziz Also Sanctioned by FINRA
FINRA staff sent Aziz a request for on-the-record testimony in March 2019 in connection to their investigation into his alleged excessive trading and unsuitable recommendations involving the use of margin, according to FINRA’s Waiver and Consent (AWC).
Aziz acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time, and as a result he has been barred from associating with any FINRA member firm in any capacity.
Sam Aziz signed the AWC accepting and consenting to FINRA’s findings, without admitting or denying the findings, and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact.
Recent Employment History of Sam Azizieh
Aziz was previously employed with David A. Noyes & Company located in Dublin, Ohio from July 2018 until November 2018. He was reportedly discharged from the firm on allegations of the firm receiving a copy of a wells notice sent to Aziz for activities at a prior firm while under internal investigation, as reported on his Brokercheck page.
He was also employed with Coastal Equities located in Dublin, Ohio from September 2015 until July 2018.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Concerned about investments with
Potential Options for Sam Aziz Investors
Investor rights attorneys at Rosca Scarlato LLC law firm have extensive experience in representing victimized investors of broker misconduct and investment-related fraud. Investor rights attorney Alan Rosca and his colleagues are currently investigating the allegations involving Coastal Equities’ failure to supervise broker Sam Aziz.
Concerned investors of Sam Aziz are encouraged to contact Rosca Scarlato for a free evaluation of their case, to learn about their rights, or to provide useful information. All consultations are free.
The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, and only get paid for their fees and expenses when they recover money for their clients. If there is no recovery, no fees or expenses are charged. Call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
